Clemens Jungsthöfel will take over the group chief executive role at Hannover Re from 1 April 2025.

Hannover Re CEO Jean-Jacques Henchoz will not extend his expiring contract at his own request and will leave the German reinsurer’s executive board on 31 March 2025, the company has announced.

Jean-Jacques Henchoz

Chief financial officer (CFO) Clemens Jungsthöfel is to take over as CEO of Hannover Re from 1 April 2025.

Christian Hermelingmeier, CFO of HDI Global, was also named to succeed Jungsthöfel as Hannover Re’s CFO.

Hannover Re said Henchoz (60, pictured) would will leave its executive board on 31 March 2025, “but will remain closely associated with the company”.

“My time leading Hannover Re has been very fulfilling, both professionally and personally,” Henchoz said.

“Together with a great team, we have succeeded in further developing Hannover Re and increasing its profitability. I would like to thank everyone who contributed to this success for their great commitment.

“My thanks also go to the supervisory board for their trusting cooperation. The aim of my next professional chapter is to contribute with my experience in non-executive and advisory roles,” Henchoz continued.

“Until the end of March, I will continue to dedicate myself fully to my duties as CEO of Hannover Re and ensure an orderly handover to Clemens Jungsthöfel, whom I see as the perfect choice for my succession. I wish Clemens all the best for his new role,” he added.

“We very much regret Jean-Jacques Henchoz’ decision,” said Torsten Leue, chairman of the supervisory board of Hannover Re.

“He has made important transformational changes and strategic decisions with extraordinary commitment and great foresight that have strengthened the company’s long-term position.

“Under his leadership Hannover Re has further expanded its market position and its cost leadership. I would like to thank him, also on behalf of the supervisory board, and wish him all the best and every success in the next chapter of his career,” Leue added.

Henchoz has led Hannover Re since 2019 through what the reinsurer called “a partially turbulent market environment”.

During this time, Hannover Re’s market capitalisation has almost doubled to about €29bn, the firm emphasised, and over the past six years, its return on equity has averaged 14.7%.

“I am delighted that Clemens Jungsthöfel, a strong leader from our own ranks, has been selected,” said Leue.

“He enjoys an excellent reputation among our customers and business partners, in the capital market and among our employees thanks to his strong proximity to the business and his outstanding industry expertise. I wish him every success in his new role,” he continued.

“This also applies to Christian Hermelingmeier. He has impressively demonstrated his expertise and leadership quality on the Executive Board of HDI Global,” Leue added.